Massachusetts median home prices continued to increase
WALTHAM, Mass. – August 29, 2013 – The Massachusetts Association of REALTORS® (MAR) reported today that an active spring market pushed up closed sales and median prices in July. The condominium market also experienced higher sales and prices compared to the year before.
“The combination of buyers wanting to close and move in before the start of the school year and their concern over increasing interest rates resulted in another positive month in July,” said 2013 MAR President Kimberly Allard-Moccia, broker-owner of Century 21 Professionals in Braintree. “Hopefully the activity of the past few months will encourage homeowners who are thinking about selling to put their homes on the market. Buyer demand is there, but the shortage of inventory often prices buyers out of the market.”
There were 5,750 detached single-family homes sold this July, a 20.3 percent increase from the 4,779 homes sold the same time last year. This is the fourth straight month of year-over-year increases and the most homes sold in one month since July 2004 when there were 5,823 homes sold. On a month-to-month basis, home sales were up 11 percent from 5,615 homes sold this past June.
The median selling price for single-family home in July was $350,000 which was up 7.7 percent from $325,000 in July 2012. This is the 10th straight monthly year-over-year increase. On a month-to-month basis, the July median selling price was essentially flat from $350,050 in June 2013.
There were 2,297 condominiums sold this July, an increase of 24 percent from the 1,852 condos sold the same time last year. This is the 19th straight month of year-over-year increases and the most closed sales in a month since August 2007 when there were 2,323 condos sold. On a month-to-month basis, condominium sales were up 3 percent from 2,230 homes sold this past June.
The median selling price for condominium in July was $314,500 which was up 4.8 percent from the $300,000 median price in July 2012. On a month-to-month basis, the July median selling price was down 1.7 percent from $320,000 in June 2013.
About the Massachusetts Association of REALTORS®:
Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 19,000 members. The term REALTOR® is registered as the exclusive designation of members of the National Association of REALTORS® who subscribe to a strict code of ethics and enjoy continuing education programs.
*Please Note: Because of the recent change on how the MLS Property Information Network, Inc., classifies under agreement status (“UAG”), year-over-year comparisons of inventory, months of supply and days on market data between July 2012 and July 2013 are not currently possible. The Massachusetts Association of REALTORS® is working with its analytics vendor and the MLS to determine and implement a solution to update historical data to provide for accurate year-over-year comparisons.
Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.